Northern Trust 2036 Tax-Exempt Distributing Ladder ETF (MUNF)

The Northern Trust 2036 Tax-Exempt Distributing Ladder ETF is an exchange-traded fund from Northern Trust Asset Management that invests in U.S. municipal bonds whose interest is generally exempt from federal income tax. As its name indicates, the fund is built around a ladder of bond maturities that runs toward a final target year of 2036.

The distributing ladder design is meant to return capital to shareholders gradually over the life of the fund, rather than only at the end, alongside the tax-exempt income generated by its holdings. The fund is expected to wind down around its 2036 target date. It trades on NYSE Arca and sits within a series of similar Northern Trust ladder funds that carry different end years.